Are we in a bull market? Depending on where you entered the market, you probably have different feelings about that question. No matter what that feeling is, it is important to take a look at the data and analyze what’s really going on so far in 2019.
For this article, I will be analyzing some statistics which I pulled from Messari.io. Messari gives users a feature where they can organize a list of cryptos based on many different criteria and statistics. The statistics of “Cycle Low”, “Time Since Low”, and “% Up Since Low” will be the main statistics which I will cite in this article.
Have a look at the image below which shows the top 20 cryptocurrencies by market cap. I included the statistics of USD price, 24hr change vs USD, and year to date. Additionally, I included Cycle Low, Time Since Low, and % Up Since Low. “Cycle Low” shows the price of the cryptocurrency when it hit its most recent low. “Time Since Low” shows when this low occurred. “% Up Since Low” shows how much the price has increased since it hit this low.
Have a look at the “Time Since Low” column. Besides XRP and Grin, most top 20 cryptocurrencies hit their cycle lows about 2-4 months ago, which is more or less around the beginning of 2019. The whole market seemed to rebound as a whole after the total market capitalization bounced off the $100 billion-dollar mark on December 15th, 2018, visualized below courtesy of CoinMarketCap.
As you can see from the first image, almost half of the top 20 cryptocurrencies are up 100-200% from their cycle lows. Ravencoin is up almost 600%, and Binance Coin is up almost 300% from their cycle lows. If you have been holding any of the top 20 cryptocurrencies since the beginning of 2019, things likely feel pretty bullish, and you should be up at least double digit %.
In conclusion, I believe it is fair to say that while we may not be in a bull market, things have been looking pretty good so far in 2019. Obviously, things can change in an instant in the crypto sphere, but looking at the data shows that despite the ups and downs, 2019 has been a good year for crypto so far.
